CEMEX, S.A.B. de C.V. (CX)
Basic Materials · NYQ · US
Fundamentals
Valuation and ratings
CEMEX, S.A.B. de C.V. trades at USD13.10, which is 31% above the USD9.07 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 42 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 37.3 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About CEMEX, S.A.B. de C.V.
CEMEX, S.A.B. de C.V., together with its subsidiaries, engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide. It offers gray ordinary portland, white portland, and blended cement products; masonry or mortar products; standard ready-mix, architectural and decorative, rapid-setting, fiber-reinforced, fluid-fill, roller-compacted, self-consolidating, pervious, and antibacterial, and other concrete products; aggregate products, including crushed stone and manufactured sand, gravel, sand, and recycled concrete; and vertua products. The company also provides urbanization solutions for construction chemicals, mortars, concrete products, and asphalt businesses, as well as municipal and industrial waste management solutions; and construction, demolition, and excavation waste solutions. CEMEX, S.A.B. de C.V. was founded in 1906 and is based in San Pedro Garza García, Mexico.
Smart money ownership
10 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Dodge & Cox, DODGE & COX$975.11M · 0.5% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$107.97M · 0.0% of book
- Keith Meister, Corvex Management LP$98.39M · 3.9% of book
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$52.26M · 0.0% of book
- George Soros, SOROS FUND MANAGEMENT LLC$34.23M · 0.4% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is CEMEX, S.A.B. de C.V. (CX) undervalued?
Against our discounted cash flow estimate of USD9.07, CX at USD13.10 is 31% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own CX?
10 of the institutions we track reported a position in CX in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is CX's P/E ratio?
CX trades at 37.3 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.